Plan risk response process: determining what can be done to reduce the overall risk of the project by decreasing the probability and impact of the threats and increasing the probability and impact of the opportunities.

Monitor and control risks: Implementing risk response plans as risks occur, looking for risk triggers, identifying new risks, and evaluating the effectiveness of risk responses.

Opportunity: possible events that may positively impact to the project

Threat: possible events that may negatively impact to the project

Risks: possible events that may impact positively or negatively to the project

Probability: The likelihood (chances) that a risk (threat or opportunity) will occur

Impact: The effect on the activity or project if the risk (threat or opportunity) occurs.

Risk – an uncertain event or condition that, if it occurs, has a positive or negative effect on the projects objectives.

Issue– something that is occurring now in the present. You know about it and it is being dealt with. An Issue is a threat that has already materialized. They are kept track of using an Issue Log.

Risk Event – the description of a scenario that may occur if the risk were to materialize.

Risk Triggers – signs or indications that a risk event is about to occur or has already occurred. These are also known as Risk Symptoms or Warning Signs.

Risk Management Plan – the document that describes how the risk management processes will be carried out in our project. It describes how risk management will be planned; risks will be identified, analyzed & prioritized, responded, monitored and controlled.

Risk Register – a document that contains all the identified risks, the results of risk analysis, the proposed risk responses and the current status of each of the identified risks

Estimates for time or cost: anticipated cost or time for project activities

OPA: Company policies, procedures, templates, and historical info

Assumptions: Things may be accepted as true, but maybe not be true.

Project charter: High level directive from the sponsor outlining the overall objectives of project, it authorizes the existence of the project.

Stakeholder: individuals or org who may affect or be affected by project

Sponsor: individuals or org who authorizes the existence or project and provide the financials resources.

Risk threshold: amount of risk the company and key stakeholders are willing to accept. eg: 10,000$

Risk tolerance: Areas in which the company or key stakeholders are willing to accept. Risk tolerance is the degree, volume or amount of the risk than an organization is willing to accept. Risk tolerance is always expressed in limits such as from 5% to 10%, or -10% to 10%

Communication management plan: A formal plan documenting how and in what form communications will be handled on the project.